How Will Iran Israel War Impact India’s Crude Oil Import?

The Iran-Israel war situation is escalating every day. A lot of things are at stake in this ongoing conflict. At the same time, the native’s lives are also hampered by its negative impact. As we know, Iran is among the world’s top countries that possess substantial oil reserves. The war situation in the country can exploit these resources. Both countries are utilising their resources to the fullest. Cyber-attacks and physical violence in both countries are creating a disturbing environment for the country’s natives. There are also speculations about Israel’s possibility of attacking Iran’s oil fields.

Will Israel Hit The Oil Fields Of Iran?

There are a lot of speculations that point out that Israel might hit the oil fields of Iran. However, there is no confirmation from Israel on the matter. It is currently merely a speculation that may or may not be right. However, it seems less likely that Israel will hit the oil fields of Iran. If Israel took this step, it would lead to another year of never-ending conflict where other mid-Eastern countries may enter. If Israel goes as per the speculation, it will lead to regional escalation. This means that the conflict may involve Saudi Arabia, Iraq, and the UAE. On the other hand, the supplies all over the world will be disrupted. Iran is among the top oil-exporting countries. Thus, this attack can lead to sanctions on Israel from the US and European countries.

How Will It Impact The Indian Oil Imports?

India imports oil from various countries. It includes Iraq, Saudi Arabia, Abu Dhabi, the USA, and 40 countries in total. Thus, there will not be much impact on India’s oil imports. India is among the top importers of oil. However, it plays smart by not depending on a single country for its resources. Thus, any uncertainty in imports from one country will be managed by imports from another country. The war may not have much impact on the Indian import but It can impact the prices of oil worldwide.

It will automatically impact the prices by increasing the cost of crude oil-related products in India and outside. If we talk about oil trade between Iran and India, there is almost no trade between the countries for oil. The price increase will have an impact on India as it imports 88% of the products for its oil requirements. Stay tuned for more information on our website.